Blue Duck Capital Urges Snap Inc. Board of Directors to Raise External Capital for Specs to Unlock Sum-of-the-Parts Value

Outlines Path to Significant Upside for Snap and Attractive Specs Asset in Open Letter to the Board

MANHATTAN BEACH, Calif., Oct. 6, 2026 /PRNewswire/ -- Blue Duck Capital, LLC ("Blue Duck"), a long/short equity investment manager focused on thematic opportunities within Technology, Media, Telecom, Consumer, and Industrial sectors and shareholder of Snap Inc. (NYSE: SNAP) common stock, today issued an open letter to the SNAP Board of Directors (the "Board") outlining a path to unlock shareholder value associated with its industry-leading Specs technology.

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In the letter, found here, Blue Duck urges the Board to raise dedicated external capital for Specs from venture investors or a strategic partner without diluting SNAP shareholders. Blue Duck believes that doing so would unlock a potential re-rating that could more than double SNAP's share price to $12-14, by:

• Pulling forward the timeline required for next generation Specs to improve form factor and price point.
• Removing an estimated $500 million in annual Specs spending from SNAP's core business, freeing free cash flow growth from the funding burden of Specs development.
• Establishing market value for Specs, which Blue Duck believes is $5 billion based on comparable precedents, so Wall Street can value SNAP on a sum-of-the-parts basis.
• Resetting value for SNAP's core advertising and subscription business, which the market currently values at just 2-3.5x estimated 2027 EBITDA despite strong revenue growth and nearly one billion monthly users.
• Improving employee morale, executive retention, and crystalizing a more focused strategic path forward.

About Blue Duck
Blue Duck employs a long/short equity strategy focused on thematic opportunities within the TMT, Consumer, and Industrial sectors. The strategy is based on a rigorous bottoms-up, risk/reward discipline that uncovers mispriced global equities across all market caps. Blue Duck tends to underweight traditional 'sell-side' broker research and mainstream financial media, making heavy use of primary sources. Founded by Alex Beinfield in 2019, Blue Duck is based in Manhattan Beach, California.

Important Information
This press release reflects the opinions of Blue Duck Capital, LLC as of October 6, 2026, is provided for informational purposes only, is not an offer or solicitation to buy or sell any security, and is not legal, tax, accounting, or investment advice.

As of October 6, 2026, funds and accounts managed by Blue Duck have a long economic interest in Snap Inc. ("Snap"), including Class A common stock and call options. Blue Duck may increase, decrease, exit, or hedge this position, including through options or other derivatives, at any time, including immediately after publication, without notice. Blue Duck's interests may differ from those of other shareholders.

This press release contains Blue Duck's estimates and forward-looking statements, including its sum-of-the-parts analysis, implied share prices, its valuation of Specs as a standalone business, and the potential outcomes of an external Specs capital raise. These rest on assumptions Blue Duck believes are reasonable but are inherently uncertain and may prove incorrect. Actual outcomes may differ materially, and Blue Duck undertakes no obligation to update them.

This press release relies solely on publicly available information, which Blue Duck has not independently verified. Blue Duck makes no representation as to its accuracy or completeness. Blue Duck has received no material nonpublic information from Snap. References to third parties do not imply their consent, endorsement, or any discussions with them. Blue Duck is not soliciting proxies or any shareholder action and is acting independently, with no agreement, arrangement, or understanding with any other person regarding Snap securities.

Media Contact 
Taylor Ingraham
ASC Advisors
[email protected]
203-992-1230

SOURCE Blue Duck Capital, LLC